BAKU, Azerbaijan, June 18. The stability of the political system and economy is one of the key factors in attracting investment to Azerbaijan, Executive Director of the Export and Investment Promotion Agency (AZPROMO), Yusif Abdullayev, said at the 14th Islamic Development Bank Group Private Sector Forum, Trend’s correspondent reports from the event.
According to Abdullayev, Azerbaijan, located at the intersection of East and West, has managed to maintain balance and stability despite the challenging situation in the region.
"If you don't have a stable political system and a stable economy, investors won't come to your country. Therefore, issues of security and stability are of paramount importance. Over the past two decades, the country has built modern infrastructure and implemented major projects, including the Alat Free Economic Zone and a network of industrial parks," he said.
He noted that Karabakh has been declared a territory with a full tax exemption for a period of ten years.
"Similar tax incentives are available in the Nakhchivan Autonomous Republic for foreign and local investors. Preparations are currently underway for the second Azerbaijan International Investment Forum, which will be held in Baku on September 25-26, concurrently with the Formula 1 race. Through such international events, we showcase the country's achievements and highlight opportunities for investors. This helps strengthen Azerbaijan's image as an attractive destination for business and investment," said Abdullayev.
At the same time, the AZPROMO executive director emphasized that developing investment-attractive projects remains a key challenge for attracting capital.
"The lack of bankable, investment-ready projects is a major challenge for many countries. The more such projects there are, the greater the opportunity to attract investors from around the world.
Azerbaijan's leadership has succeeded in creating a favorable investment climate that makes the country attractive not only for business but also for life," he added.
